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2016 Restated Bylaws Part 5: SEVERABILITY CLAUSE

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 PostPosted: Mon 05 Sep 2016 9:51 am   
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Joined: Mon 27 May 2013 10:54 pm
Posts: 681
Location: Mid-Atlantic Coast
Refer to the Executive Summary at the back end of the proposed bylaw mailer.

This is the section discussing the addition of a severability clause.

Beyond my knowledge base, but sounds acceptable.

Thoughts?

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Chris
A WorldMark and Club Wyndham Owner
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 PostPosted: Mon 05 Sep 2016 8:23 pm   
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Joined: Tue 11 Nov 2008 1:20 pm
Posts: 3864
Location: San Antonio, TX
As the summary indicates, this a standard provision in any modern contract. In fact most legislation has a similar clause.

It allows a provision of the by-laws to be "severed" from the by-laws if it found to be illegal, and allows the remainder of the by-laws to still apply.

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Eric

FACT: We have two independent BoD members - Bob Morrison and Cecilia Cuevas. You can trust that they are independent BoD members, because WMOwners Inc. cast proxy votes for them in the 2011 election. Both of these owners do not have any current or previous financial ties to Wyndham, and meet the IRS and SEC criteria for independent board members.


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